Are you sometimes frustrated working with buyers? Do they seem unpredictable, noncommittal, or unresponsive? Freaking out about getting the buyer representation agreement signed? There’s only one solution to eliminating the stress and guesswork working with buyers. Actually, there are two:
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#1: Always be the listing agent, but until you’ve built your active listing inventory up to the point that you can refer all your buyers, you’ll need the second solution:
#2: Use a Buyer Presentation! You’d never go on a listing without a presentation, so why do you give your precious time, skill, and dedication to buyers without one?
Fact: Buyers aren’t liars; they have no idea what to expect. They don’t know what the correct process is, what to expect from you, what you expect from them, or anything else that agents like to get upset about.
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Fact: It’s not the buyer’s fault. It’s the agent’s fault for not educating them on what is supposed to happen throughout the process. This is also why agents don’t typically get the Buyer’s Agency form signed. Remember that the definition of ‘close’ is ‘the logical ending to a great presentation.’ If you try to close for a signature on the Buyer Representation Agreement without a presentation of WHY they’d want to do that, of course, you’ll face rejection and never want to ask again. Sound about right?
Solution: Use a proven Buyer Presentation! You’d never expect a seller to sign a Listing Agreement without a presentation, would you? Do you have a presentation for your buyers?
Our Proven Buyer’s Presentation specifically addresses several key challenges that agents and brokers have with buyers.
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1). What is the actual process to correctly purchase a home? In what order will they need to execute those action steps? First-time buyers are especially in the dark about what to do and how to act, but other buyers from different markets or countries can also be confused. It’s not their job to know what to do; it’s your job to set expectations and educate them. You’ve also noticed that folks who haven’t bought for several years may have different expectations than what today’s market requires.
Start with the buying process. Actually educate your buyer prospects about what is supposed to happen and in what order! For example:
–They must become pre-approved and ideally get an actual loan commitment from a mortgage lender. You can supply your buyer with a standard list of documents required to apply for the mortgage, and the specific lender can add anything particular to them. Your buyer should also be aware of their own credit scores at this point in the process.
If your buyer is all cash, they need to secure a proof of funds letter from the entity where their cash is parked—bank accounts, investment accounts, etc. Caution: Is it coming from selling something that hasn’t sold yet, an insurance settlement, a divorce settlement, or gift money? Do they have the money currently?
–Meet with you for your Buyer Presentation. We’ll drill down on that in a moment.
–Discuss their expectations. What are their ‘must haves’ and ‘would be nice to have’ items? Help spouses or partners have a meeting of the minds. What can they reasonably get for their price range and geographic requirements? Create a strategy if they’re buying and selling at the same time. Which should happen first? (We have coaching on how to handle this).
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–Discuss what will be expected when they find the right home. Appraisal gaps? Going over the list price? Flexibility with closing dates and possession?
–Sign the Buyer Representation Agreement with you.
–Start looking for their home.
–Write the contract. Get it accepted or lather, rinse, repeat.
–Go pending. Schedule inspections, etc. Get help from a Transaction Coordinator.
–Remove contingencies.
–Close.
That’s the PROCESS of actually buying a house.
Note: If you don’t discuss the process with your buyers before you start showing them properties, don’t be surprised when you find out they’re…
a) Not really qualified / not really cash / looking in the wrong price range, etc.
b) Also working with another agent or agents. You’re just the showing agent; they plan to actually write it with their friend / relative/previous agent, etc.
c) Going out on the weekend to look at open houses and/or new construction
d) Considering the For Sale By Owner in their favorite neighborhood.
You see, buyers aren’t liars; they don’t know what’s expected of them until you properly educate them! It’s not fair to magically expect them to act like perfect buyers for you! This brings us to the next point.
2). The Buyer Presentation explains what to expect from you and what you should expect from them. This way they’ll know what’s appropriate behavior while they’re looking.
–You expect them to be loyal to you because you’re spending time and energy finding a home that meets their criteria, and you’ll negotiate on their behalf to win. This is a good time to present to them the several different ways you search that are NOT just your MLS, Realtor.com or Zillow. (We provide that in coaching).
–They can expect you to be loyal to them and find what they want!
–You coach them to always say they’re working with you (give them 10 of your business cards), whether they’re looking at new construction, for-sale-by-owner, open-house sellers, or other listing agents.
You coach them not to apply for new lines of credit until they’ve closed. This includes boats, cars, and anything else that requires a credit check.
–If they’re buying and selling with you, make sure you do a seller’s net sheet, and you’ve captured all pay-offs required. HELOCs, other liens, etc. Some sellers actually believe the HELOC isn’t attached to the house. Have a title agent or your broker help you with a net sheet if you’re uncomfortable doing these numbers.
Review the next steps with your buyer. Is it time to finish their pre-approval, or are they ready to buy something? Set your next appointment before this one is over so you don’t have to chase the client down in voicemail, texts, and emails.
3. Communicate consistently and by voice. Buyers are nervous about everything all the time, and if they’re not hearing from you, you’re making it worse. They don’t know if you’ve been looking for properties all day (especially outside your MLS) if you’re visiting new construction on their behalf, or seeing if that For Sale By Owner is a match for them if you’re not telling them! Buyers will ‘ghost’ you, work with someone else, or give up if they don’t feel you’re doing your job for them.
(Bonus point) 4. Be the listing agent! You can always refer your buyers to a buyer partner and opt out of all of the above, but only when you’re a powerful listing agent! You should, however, keep your repeat and referral buyer clients as much as possible, especially when they are listing with you as well.
If all this seems like a lot to learn, but you’re ready to take your buyer system to the next level, it’s time to join PREMIER COACHING so our Harris Certified Coaches can help you daily!
